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Buying a condominium might be cheaper than purchasing a house, but condos come with their own set of costs. Sales representative Tammy Laverty outlines what to keep in mind before taking the leap, including management and condo fees.

In the wake of very disturbing news out of B.C. where a Globe and Mail investigation discovered that our major banks were favouring foreign buyers by turning a blind eye to a prudent approval process when granting them uninsured mortgages, one has to wonder about the future of housing in this country.

After some very disturbing news from British Columbia this summer, where a Globe and Mail investigation discovered that our major banks were favouring foreign buyers by turning a blind eye to a prudent approval process when granting them uninsured mortgages, one has to wonder about the future of housing in this country. Have these deplorable bank practices,since rescinded, fearing the public outcry, been condoned and encouraged by our government, which previously voiced concern about foreign ownership? How else could Ottawa’s (only)recently introduced measures in closing loopholes related to capital gains taxes and mortgage qualifying criteria, be explained? Why so late and only after such reporting?

Today, the ever-changing urban demographics and hot real estate markets occasionally lend people the opportunity to invest in a condominium with the intention of selling it for profit. This practice is also known as condo speculating.

Back in the mid-1960s, when condominiums were born, condos were meant to be an affordable alternative to traditional homes. Many renters aspired for better living arrangements and bought a condo.

Over time, particularly from 2000 onward, the construction and sale of condos increased exponentially, fueled by low-interest rates. The industry, composed of too many condo units, caused two major economic crashes in recent history, one in 1989/90, which affected the U.S. and Canada, and the other in 2006/08, which affected mainly the U.S.

The prices of real estate in major selected urban centers are still going up. But job growth and wages cannot keep up the pace, in fact, they lag behind very badly. The minimum salary needed to afford the rent in many major cities is way too low, even for the rapidly eroding middle class.

The real estate bubble may be brewing in Miami due to depletion of foreign investors especially from bankrupt countries such as Brazil and Argentina. This article should be a fair notice to steer off condos as they will be the first to fall by the wayside. The same can be said for the rest of the country if Chinese investors, whose economy is in deep trouble, start losing financial wherewithal to purchase the condos in US.

The rise in inequality is widening at an alarming rate. Top 1 percent controlling 95 percent of the overall wealth is causing the rest of Americans to head to the poor house. America’s financial elite has put a stranglehold on American citizens to the point of determining the quality of their life (or lack of it). They are effectively controlling the country’s economic and political agenda through their powerful lobbies and monetary contributions to politicians and decision makers of their choice.

Before elections, the federal Liberal Party promised to “undertake a review of escalating home prices in high-priced markets — like Vancouver and Toronto — to determine whether speculation is driving up the cost of housing, and survey the policy tools that could keep home ownership within reach for more Canadians.”

Before the recent federal election, the Liberal Party promised to “undertake a reviewof escalating home prices in high-priced markets – such as Vancouver and Toronto – to determine whether speculation is driving up the cost of housing and survey the policy tools that could keep home ownership within reach for more Canadians.”